Posted on 10/28/2017 3:57:33 PM PDT by SeekAndFind
“A dollar in 1968 is worth $7.12 today. Inflation. There is a website that calculates it :)”
And you will never see that ‘inflation’ in your SS returns ...
Yay Chile!
I check how things are going with their retirement scheme- expecting a socialist junta to grab it- and it keeps rolling along famously.
yep
“There’s no earthly reason why we should be unable to get more than 0.5% interest on our savings,”
The reason is that interest rates are very low. If you want to lock in for a year you get only 1.4%.
If they would have left it in the 401K, it would be worth $50K today.
The stock market is a long term project. It always comes back. It just takes time.
True, if was invested, but it wasn’t. It’s pay as you go.
People actually think the Employer pays a portion of SS.
The Employer utilizes “Total Compensation” when looking to hire an Employee. That includes every associated Cost of employing that person including Employment Taxes and Benefits.
Those people demanding $15 to flip a Burger cost their prospective Employer at least $18 an Hour if not more. They have no concern with Cost / Benefit Accounting.
Problem is, there are a whole bunch of People who have no idea about the true costs associated a Business Hiring anyone.
“President Franklin D. Roosevelt created the system in 1933, the program was designed to be a safety net for Americans”
No it was and still is a ‘stealth’ income tax. The system was established in 1933, the American life expectancy of the time was -— 65. IOW, a scam.
All that ‘surplus’ SS tax has been used to support the massive deficits and worse, buy votes for the Dem party.
No problem, I’ll probably be dead by 2030.
It was never meant for a last resort it was never meant to be for retirement at all it was meant to take care of widows and orphans. Hardly anyone lived t the age it kicked in when it was created.
I see what you are saying now.
I had thought you were trying to get it so the employer matching funds would be something you could deduct.
It probably would be a good idea for folks to see that line on their paycheck stubs. I agree.
Under a new plan, I’d like to see all funds dedicated to a person’s own retirement vs what goes to pay current retirees, be placed in an account so they can see it grow. That and any additional funds they wanted to pour in, would grow a lot quicker than they would think, if done right.
They should get a statement each month.
While folk would still be paying S.S., not all of it would simply go into the general fund as it has. It would start accruing for them.
As time went by, the part supporting the old system would draw down.
Even if I was going to get every penny back, I still find the system repugnant. Abolish or privatize SS, or at least make participation optional.
Interest rates on “some things” are low.
The same bank that charges you 17-30% on your CC, will only give you 0.5% on savings.
If you know of one that pays 1.4, that’s better than I expected.
Sure household loan rates are low. I agree with that.
No man knows the day or the hour of Christ’s return. But we do know from the scriptures that the Tribulation starts with the signing of the 7 year treaty of peace between the Anti-Christ and Israel.
We also know that the Anti-Christ is put into power by the ten kings. The ten Kings that come out of the one world government. The one world government that comes from the destruction of nationalism.
So Soros and the snowflakes win in the end...
But your time line only leaves 7 years to have three sea changes in world government.
I suspect it will take a lot longer than that
As you said there’s not going to be any easy solutions. I’d just like to see earnest discussion at this point.
The basic problem with SS is that the money is used by the government. Supposedly the gov ‘invests’ it in projects that will grow the economy but their impulse is to invest in projects that will get votes.
Defined contribution plans are invested in business and their impulse IS to grow the economy.
Growth being what enables the future payments to be made, and not votes, the SS scheme is inherently flawed.
Also, of course, the SS scheme does not allow for the retention of wealth. But that is because of it’s ‘insurance’ instead of ‘pension’ aspect.
Hmmm, I guess the second step would be to separate those two. There was recently a large transfer of SS funds to SSI to keep it solvent.
I remember Reagan made an audit of SSI and threw a whole lot of scammers off. Congress responded by making that harder to do LOL!
People get SS on another individuals income. Think about that. People voted to bankrupt the system to get more out now. Stupid deserve nothing.
It is not a government system. It is individually owned IRAs. Very difficult for a dictator to snatch up millions of privately held IRAs, most of which are held by US brokerages.
“Stories like this are how the deep state flips you the finger and laughs at you.”
Yes, sir. Your statement is on target.
I’m in agreement with your premise this won’t be an easy over-night issue.
I’ve tossed out some ideas, as have you that can get the conversation started.
The ideas I’ve tossed out are not perfection. I do think they could be a good basis for tweaking.
Our tax reductions right now, should set the stage for massive new federal tax receipts, and float a number of boats including paying down the national debt if done right.
Couple that with the revamping of SS/MC, and in 30-40 years, we no longer have government mandates to be gamed any longer.
We get government out of the those games, and let private enterprise take over.
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